The Union Cabinet on Wednesday approved fresh capital infusion in the form of recapitalisation of bonds in the Export-Import Bank of India (Exim Bank) to the tune of Rs. 6,000 crore and the authorised share capital of Exim Bank has been increased from Rs 10,000 crore to Rs 20,000 crore."The decision has been taken by the government as the Exim Bank promotes the export and import process. Under this, capital adequacy will improve," said Union Railway Minister Piyush Goyal while briefing media persons after the Cabinet meeting, which was chaired by Prime Minister Narendra Modi.Goyal said the equity will be infused in two tranches of Rs 4,500 crore in the financial year 2018-19 and Rs 1,500 crore during 2019-20 fiscal. "The Cabinet also approved an increase in the authorised capital of Exim Bank from Rs 10,000 crore to Rs 20,000 crore. The recapitalisation bonds will be on the lines issued to public sector banks," he said.Exim Bank is the principal export credit agency for India. The ...
